Access Bank Plc has overtaken Zenith Bank as the most valuable banking brand in Nigeria, the latest 2022 top 500 global valuable banking brands index has shown.
The ranking compiled by Brand Finance, a London-based business valuation and strategy consultancy, states that Zenith, which recorded $335 million in 2021, had been ranked as the country’s most valuable banking brand until it was overtaken by Access ($379 million).
Access Bank’s valuation comes on the back of its successful merger with Diamond Bank in April 2019, and its recent expansion into the East and Southern African market.
According to the bank’s financial statements, gross earnings in the first nine months of 2021 was N693.1 billion, an increase of 16.9 percent from N592.8 billion recorded within the same period in 2020.
While total assets grew by 31.6 percent to N10.4 trillion as of September 2021, up from N7.9 trillion as of September 2020.
Although in the first nine months of 2021, Zenith Bank’s profit after tax was higher than Access Bank’s, when compared with total assets and gross earnings, Access was higher.
From their financial statements, Access’s total assets of N10.4 trillion in the first nine months of 2021 was higher than Zenith’s (N8.8 trillion) and gross earnings of N518.7billion for Zenith was lesser than N693.1billion recorded for Access.
The bank now ranks 345 out of 500, while Zenith is ranked 367.
